v3.25.2
Discontinued Operations
 6 Months Ended
Jun. 30, 2025
Discontinued Operations and Disposal Groups [Abstract]  
Discontinued Operations Discontinued Operations
Divestiture of Bristol Metals
On March 12, 2025, the Company and its wholly-owned subsidiaries Synalloy Metals, Inc. ("Synalloy Metals") and Bristol Metals, LLC. ("BRISMET"), entered into an Asset Purchase Agreement (the “Purchase Agreement”) pursuant to which they sold substantially all of the assets related to BRISMET to Bristol Pipe and Tube, Inc., a Delaware corporation and wholly-owned subsidiary of Ta Chen International, Inc. (the “Purchaser”). Ascent and Purchaser also entered into a Transition Services Agreement (the “TSA”) dated March 12, 2025, pursuant to which Ascent has agreed to provide certain transition services to Purchaser immediately after the closing for certain agreed upon transition periods. On April 4, 2025, the Company and Purchaser completed the transaction contemplated by the Purchase Agreement. The consideration for the transaction was approximately $45 million of cash proceeds, of which $4.5 million was placed in an escrow account to be received in 18 months from the closing date. The escrow amount is presented within "Advances and other receivables" on the condensed consolidated balance sheets. The sale resulted in a preliminary, pretax gain on sale of $4.4 million, subject to certain measurement period closing adjustments. As result of the sale, BRISMET results of operations are classified under discontinued operations for all periods presented. Prior to the divestiture, BRISMET was reported under the Company's former Tubular Products segment.

Divestiture of American Stainless Tubing
On June 23, 2025, the Company and its wholly-owned subsidiary American Stainless Tubing, Inc. ("ASTI"), entered into an Asset Purchase Agreement (the “Purchase Agreement”) pursuant to which they sold substantially all of the assets related to ASTI to First Tube, LLC., a Texas limited liability company and wholly-owned subsidiary of Triple-S Steel Holdings, Inc (the “Purchaser”). On June 30, 2025, the Company and Purchaser completed the transaction contemplated by the Purchase Agreement. The consideration for the transaction was approximately $16 million of cash proceeds, of which $0.8 million was placed in an escrow account to be received in 12 months from the closing date. The escrow amount is presented within "Advances and other receivables" on the condensed consolidated balance sheets. The sale resulted in a preliminary, pretax gain on sale of $4.6 million, subject to certain measurement period closing adjustments. ASTI's results of operations are classified under discontinued operations for all periods presented. Prior to the divestiture, ASTI was reported under the Company's former Tubular Products segment.
The following table presents the aggregate carrying amounts of the classes of assets and liabilities of the Company's discontinued operations:
(in thousands)June 30, 2025December 31, 2024
Carrying amounts of assets included as part of discontinued operations:
Cash and cash equivalents$— $10 
Accounts receivable, net — 11,597 
Inventories— 35,236 
Prepaid expenses and other current assets— 998 
Current assets classified as discontinued operations— 47,841 
Property, plant and equipment, net— 7,873 
Right-of-use assets, operating leases, net— 85 
Intangible assets, net— 3,564 
Other non-current assets, net— 2,661 
Long-term assets classified as discontinued operations— 14,183 
Total assets classified as discontinued operations$— $62,024 
Carrying amounts of current liabilities included as part of discontinued operations:
Accounts payable— 6,252 
Deferred revenue— 1,360 
Accrued expenses and other current liabilities— 2,019 
Current portion of operating lease liabilities— 84 
Current portion of finance lease liabilities41 
Current liabilities classified as discontinued operations— 9,756 
Total liabilities classified as discontinued operations$— $9,756 

The financial results are presented as income (loss) from discontinued operations, net of tax on the unaudited condensed consolidated statements of income (loss). The following table summarizes the results of the Company's discontinued operations:
Three Months Ended June 30,Six Months Ended June 30,
(in thousands)2025202420252024
Net sales$8,188 $28,741 $34,460 $52,797 
Cost of sales6,714 26,626 29,770 49,945 
Gross profit1,474 2,115 4,690 2,852 
Selling, general and administrative expense498 1,412 1,888 3,482 
Gain on sale of assets(8,994)— (8,994)— 
Acquisition costs and other1,323 44 3,421 145 
Asset impairments— — — 1,115 
Income (loss) on discontinued operations before income taxes8,647 659 8,375 (1,890)
Income tax expense (benefit)(86)135 (71)(402)
Net income (loss) from discontinued operations$8,733 $524 $8,446 $(1,488)